Simplified: B.C. Home Owner Mortgage and Equity Partnership Program

B.C. Home Owner Mortgage and Equity partnership program information:


Purpose: ·  To assist first-time homebuyers in BC to enter the real estate market by specifically targeting buyers who may not have sufficient resources to meet capital requirements (down payment)





·  Have been a Canadian citizen or permanent resident for at least five years

·  Have resided in British Columbia for at least one year immediately preceding the date of application

·  Be a first-time buyer who has not owned an interest in a residence anywhere in the world at any time

·  Use the property as their principal residence for the first five years

·  Purchase a home that has a purchase price of $750,000 or less (excluding taxes and fees)

·  Obtain a high-ratio insured first mortgage on the property for at least 80% of the purchase price

·  Have a combined, gross household income of all individuals on title not exceeding $150,000

·  Have saved a down payment amount at least equal to the loan amount for which the buyer applied

Benefits: ·  Interest free loan for the first 5 years

·  Allows access into the market today alleviating potential further real estate appreciation while they continue to save

Ideal Candidates for the program: ·  Individuals/families that may be fresh out of College/University that have excellent earnings potential but minimal capital

·  Individuals/families that expect an inheritance or a lump sum of money within the next 5 years



Important information to consider:

·  The loan will ultimately NOT increase buying power as lenders will be required to add a cost of borrowing into the debt servicing calculations (loan amount amortized over 20 years at a rate of 4.64)

·  This program is in partnership with CMHC/Genworth and Canada Guarantee (applicants will need to pay premiums) even if the down payment is 20%

·  If loan is not repaid within the first 5 years, the applicant will begin to repay the government at a rate to be determined by current interest rates

·  The loan can be repaid within the first 5 years penalty free at any time

·  The government loan will be registered on title as a second mortgage





·  Applicant to visit a qualified lender and submit a pre-approval into their financial institution of their choice

·  Once approved, applicant would then take their pre-approval letter and submit off the government office for review (see below for details)

·  Documents that need to be sent into the government will include: Proof of residency in Canada and BC, secondary ID, proof of income and tax filings, evidence of pre-approval from their lender

·  If approved, the applicant will receive notice of eligibility and a home buyers kit which includes information for the lender, real estate agent and solicitor conducting the transaction

For more Information:



BC loan program Summary